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The fund is financed primarily through state funds and are very limited to how much they can invest. They propose investments up to $500k or more if the opportunity is right. This is incorrect and a misrespresentation. The firm has repeatedly only given $100k, sets milestones for additional funds, and never follows through on the remainder of funds.

I found Frank Demler to be a tool. He walked into several of our meetings unprepared, making very general statements, and overly critical on our performance, even though we met our milestones. Plus he reminds me too much of the guy who sell Quaker Oats and Life Insurance minus the charisma.

It is very difficult to have respect and take advice from Frank and others on the team when they have never been entrepreneurs and/or have a strong IRR.